LG to Enhance Its Virtual Production Solutions Through Strategic Seed Investment With Mo-Sys
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By News Reporter
Company Drives Strategic Growth With AI webOS, an Intelligent Platform
that Delivers Outstanding Customer Value and Unique User Experiences
SEOUL, Sep. 30, 2024 — LG Electronics (LG) last week held webOS Summit 2024 in Incheon, South Korea, sharing its strategic vision and future initiatives for expanding the AI webOS ecosystem and growing its platform business. Themed “Empowering webOS with AI,” the second webOS Summit played host to around 300 attendees representing 140 partner companies – including content developers, producers and providers – from 24 countries. The event also marked a major milestone: the tenth anniversary of the launch of webOS on LG smart TVs.
AI webOS plays a pivotal role in LG’s ambitious business transformation, shifting from a consumer electronics manufacturer to a Smart Life Solution Company. With a strategic investment of over KRW 1 trillion (USD 740 million), LG aims to significantly enhance the capabilities of its webOS platform and related businesses.
To achieve its strategic vision and elevate the value of its unique offerings, LG is continuously broadening the extensive selection of content and services accessible on AI webOS. The platform, which delivers exceptional experiences to LG TV users in over 180 countries, currently provides over 4,000 apps, including those for entertainment, home fitness, education and gaming.
This year, LG is reinforcing the reputation of AI webOS as an advanced gaming platform by adding a variety of new services and experience innovations. At present, the cutting-edge platform offers around 4,500 games across popular cloud gaming services such as GeForce NOW and Amazon Luna. To make gaming on its TVs even more responsive, LG has teamed up with MediaTek and Razer, leveraging new Bluetooth Ultra-Low Latency (BT ULL) technology to reduce input lag to an imperceptible 1ms when using a Bluetooth gaming controller. Demonstrated during webOS Summit 2024, this impressive responsiveness enhances the cloud gaming experience, giving users more precise control and making gameplay more immersive.
LG is also bolstering its competitive edge in content and services by actively seeking out and securing top industry talent. The company recently hosted a global hackathon to discover compelling new games and AI-powered content suitable for AI webOS and is also collaborating on game development with respected institutes of higher education, such as Sungkyunkwan University and New York University.
Furthermore, with the introduction of webOS Pay, LG has made it faster and more convenient for users to purchase content and services on AI webOS. The simple-to-use payment service contributes to the seamless, personalized shopping experience on LG’s intelligent platform.
Over the last decade, LG has sold a remarkable 220 million smart TVs and has consistently strengthened its webOS platform business through licensing agreements with an array of local and global companies. LG first made webOS available to other TV makers in 2021, and since then, the versatile platform has been adopted by over 400 brands. The company is now poised to further expand the webOS ecosystem via an array of webOS-powered automotive infotainment solutions, digital signage, smart monitors, gaming monitors and projectors.
Additionally, the webOS platform is shoring up LG’s strong competitiveness in the advertising business. In 2024, revenue generated by advertising and services on webOS is projected to exceed KRW 1 trillion, which represents a fourfold increase from 2021.
A significant contributor to this excellent performance is LG Channels, a free, ad-supported streaming service that provides over 3,800 channels and is now available in 29 countries. The company has augmented its already stellar offering of top-notch viewing options on its free service with the launch of LG Channels Showcase and LG 1 – new channels boasting a curated selection of premium entertainment. What’s more, LG is adding value to the user experience via the provision of AI-based ad solutions that make content recommendations even more relevant to user preferences.
With its Affectionate Intelligence vision for a more caring, empathetic and attentive AI technology, LG is continuously enriching and enhancing the customer experience. The application of Affectionate Intelligence allows webOS users to enjoy easier control as well as personalized content and service recommendations suited to their individual tastes and lifestyles. Through collaborations with innovative partner companies and the seamless integration of the latest technologies, LG is constantly refining its cutting-edge platform.
Along with informative presentations and demonstrations, webOS Summit 2024 featured an experience zone where attendees were able to see first-hand how powerful AI technologies are driving customer experience innovation on webOS. One of the many intelligent features offered on LG’s platform, AI Concierge employs voice recognition, search history and user data to provide customized app and viewing recommendations. Thanks to its ability to recognize different voices, AI webOS can take each LG smart TV user straight to their own personalized Home Screen without having to manually select their profile.
“Our webOS platform business continues to go from strength to strength based on close collaboration with our valued partners and an unrelenting focus on meeting the diverse needs of our customers,” said Park Hyoung-sei, president of the LG Home Entertainment Company. “Celebrating a decade of webOS innovation, and now enriching customer’s everyday lives with AI webOS, LG is accelerating its transformation into a leading media and entertainment platform company.”
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By News Reporter
A Joint Effort Between LG and Top Research Universities, Consortium to Accelerate
the Development of Next-Generation Heat Pump and Establish Industry Standards
SEOUL, Sep. 24, 2024 — LG Electronics (LG) is hosting the first-ever meeting of the Global Heat Pump Consortium in Seoul, South Korea, from September 23-26. A cooperative venture between LG and a growing number of international universities, the consortium is focused on developing new, more efficient heat pump technologies, including solutions designed to handle harsh climatic conditions. The event brings together LG personnel and academics from participating universities to introduce heat pump technologies and discuss industry-academia projects being conducted by each of the consortium’s regional clusters.
The Global Heat Pump Consortium comprises LG-led heat pump R&D consortiums established in Alaska, USA (November 2023) and in Oslo, Norway and Harbin, China (June and August of 2024, respectively). The consortium also includes a South Korean cluster, with LG working collaboratively with respected universities in Seoul and Busan to drive heating, ventilation and air conditioning (HVAC) innovation.
On the first day of the event, LG introduced key heat pump technologies and products from its industry-leading lineup of high-efficiency HVAC solutions. Each regional consortium then provided an update on its specific research tasks and shared its current progress in evaluating high-performance heat pump tech for challenging climates. The inaugural meeting of the global consortium is also offering attendees valuable learning opportunities, with seminars and discussions on topics, including the latest HVAC industry and market trends, and future technologies for region-specific heat pump solutions.
Through cooperating with universities known for their top-tier HVAC research programs, LG is strengthening its own R&D capabilities and accelerating the development of the next generation of heat pumps. The company anticipates that the groundbreaking work being carried out by the consortium will also help strengthen its competitiveness in the global heating and cooling solutions market.
Internationally, the demand for high-efficiency, low-carbon-emission heat pumps is rapidly increasing, in large part due to the worldwide electrification and decarbonization trends. Solidifying its status as a technology leader and responsible corporate citizen, LG is leveraging its cutting-edge heat pump technology to deliver region-specific heating and cooling solutions for the North American, European and Asian HVAC markets.
At an investor forum in August, LG highlighted “B2B acceleration” as one of its four key strategies for business portfolio innovation. The HVAC business, a major component of the company’s diverse B2B portfolio, has become a market leader based on the strength of its advanced, highly-efficient core technologies, such as inverter compressors, heat exchangers and AI engines.
Around the globe, LG is enhancing the capabilities of its HVAC business through creating locally complete systems encompassing R&D, sales, manufacturing and maintenance. In addition, the company currently operates five Air Solution Research Labs – with facilities located in Korea, North America, Europe and India – and has a network of HVAC academies spanning 43 countries and training over 30,000 engineers annually.
“We are committed to accelerating our HVAC business, with heat pump innovation as the cornerstone of our vision,” said James Lee, head of the Air Solution Business Unit at LG Electronics Home Appliance & Air Solution Company. “Through the Global Heat Pump Consortium, we aim to lead the HVAC industry with decarbonization solutions aligned with the global electrification trend.”
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By News Reporter
New Program Connects LG, Strategic Partners and Startups to
Ignite Collaboration and Development of Innovative Ideas for a Better Future
SANTA CLARA, Calif., Sept. 19, 2024 — LG Electronics today announced the launch of the LG NOVA Partner Alliance Program – a platform that brings together corporate partners and startups for cross-industry collaborations, technology and business development, and commercial partnerships to catalyze the growth of innovations for the future.
Spearheaded by LG NOVA, LG Electronics’ North America Innovation Center, the Program extends the success of LG NOVA’s mission to co-create new ventures with startups to its corporate partners with the goal to encourage exponential growth of new innovations in the market by creating more pathways for innovative ideas to flourish at a greater rate.
Joining the Partner Alliance Program at launch are
link hidden, please login to view, , , , and the . These organizations have all signed on to work with LG NOVA and its extensive startup ecosystem to generate and explore new concepts; develop, test and validate those concepts; and collaborate on innovative product solutions or even co-create new businesses. Additional partners will be added to the Partner Alliance Program in the coming months. “The new Partner Alliance Program aligns with our core mission to collaborate and create an eco-system for startups to thrive and ensure that the innovations today become the market-leading solutions of tomorrow,” said Dr. Sokwoo Rhee, corporate executive vice president for Innovation, LG Electronics and head of LG NOVA.
Kevin Chong, LG NOVA’s head of corporate and business development, said, “This program is a win-win for all parties, including LG, as we continue to explore new ideas for business co-creation. The growth of new ideas and cross-industry collaboration will help the markets move forward faster towards a better future that benefits all of us, businesses, people and the planet.”
In bringing on corporate partners to its Program, LG NOVA is helping to create more opportunities for startups to find quintessential industry partners that will help it reach commercial success at a larger level, Chong explained. For the corporate partners, finding innovative startups to work with will help them address new market opportunities, extend their businesses into new areas and better address the changing needs of their customers.
The Partner Alliance Program will leverage the resources of LG Electronics existing business units while also tapping into the pipeline of startups and resources available through the LG NOVA’s – a broad umbrella of programs designed around engaging with the entire innovation ecosystem to explore ideas on creating a better future through collaboration and tech innovations.
LG NOVA and the newly announced partners in the Partner Alliance Program plan to share more about their goals and vision for this program at the 2024 LG NOVA InnoFest, Sept. 25-26, at the Palace of Fine Arts in San Francisco, Calif.
LG NOVA’s annual InnoFest conference unites business leaders, innovators and investors to collaborate on solutions for a better future, this year, under the theme of “Lighting the Halo of Innovation,” inspiring attendees to focus on impactful co-creation and bold ideas. For more information about this year’s event visit .
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By News Reporter
LG Electronics CEO William Cho, in an exclusive interview with Bloomberg, discussed the company’s business strategy, growth areas, and the competitiveness of LG’s AI. Cho highlighted the focus on expanding B2B, subscription services, and its webOS-based advertising and content business to drive growth.
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By News Reporter
Since CEO William Cho
link hidden, please login to view of becoming a ‘Smart Life Solutions’ company, LG has made significant changes to various parts of its business and expanded new areas. To celebrate one year since this bold move, the company has launched an advertising campaign showcasing the remarkable progress it has made so far.
Titled ‘Connecting Spaces and Future,’ the campaign highlights this vision and demonstrates a strong dedication to innovation, aiming to strengthen its reputation as a leading innovator across various sectors. The campaign features videos showcasing LG’s ongoing transformation into a ‘Smart Life Solutions’ company through an ever-evolving product portfolio. Starting July 27, three videos will be released focusing on its mobility solutions, air solutions and more.
This marks the first LG video campaign to focus on the company as a whole since ‘Digitally Yours’ in 2000. The new video content seeks to underscore LG’s mobility solutions and the unique experiences they offer, as well as AI smart home solutions that provide personalized environments, webOS solutions that connect various devices on a single platform, and the core technologies including HVAC solutions that will drive future industries.
The mobility solutions video illustrates LG’s efforts to expand home experiences onto the road and deliver unique customer experiences based on three main themes: Transformable, Explorable and Relaxable. It also features the company’s emerging electric vehicle (EV) charging business. The video on its air solutions highlights excellent HVAC technology, including chillers and heat pumps, and a commitment to innovating global solutions that enhance customers’ lives in every space, from residential to commercial.
This event is in line with LG’s desire to showcase its innovative efforts beyond the home appliance space. By highlighting other categories and sectors it pioneers, LG aims to resonate with younger audiences and establish a youthful, dynamic brand image.
On the first anniversary of the announcement of its ‘Smart Life Solutions’ transformation, LG is expanding its achievements across three new pillars of growth: accelerating B2B (including vehicle components and HVAC), pursuing platform-based services (subscriptions, webOS-based advertising and content, etc.) and exploring new business areas such as EV charging.
Notably, after surpassing KRW 10 trillion in sales last year, LG’s vehicle components business carried on in the same form this year by achieving a record-high performance in the second quarter. The company’s commercial HVAC business, which is also growing rapidly, is further diversifying its business portfolio. LG is continuously leveraging its globally competitive HVAC solutions across the entire value chain, from products, technology, production and services, while actively targeting backend industries supporting AI infrastructure, such as data centers.
Starting this year, LG launched its , integrating AI and digital transformation with the company’s manufacturing and production data. This business undertakes production consulting, develops production methods, equipment and operation systems, and trains production technology personnel. Furthermore, the company expects to secure orders worth approximately KRW 300 billion in supplying smart factory solutions to business clients. Meanwhile, the company is actively expanding its webOS-based advertising and content business from TVs to automotive infotainment, with sales set to exceed KRW 1 trillion this year.
LG is accelerating its shift from a traditional product-centric business model to a recurring model that continuously generates revenue through intangible, non-hardware businesses such as subscriptions, content and services.
Stay tuned to to discover LG’s vision in greater detail and get the latest updates on the company’s ongoing transformation into a Smart Life Solutions company.
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